A Separation Deed is a legally binding contract entered into voluntarily by both you and your spouse. The Separation Deed contains details of all your matrimonial financial matters and how they are to be divided between you or disposed off upon your separation.
You do not necessarily need to have been married, simply that you are separating. Married couples who do not necessarily wish to divorce straight away often favour a Separation Deed as it allows them to lead separate lives, divorcing at some point in the future. It is ideal for those couples who do not have grounds to pursue divorce immediately upon separation and those who may wish to wait and divorce after having been separated two years. A Separation Deed will provide financial security whilst waiting until it is time to divorce.
Once signed, a Separation Deed is a legally binding agreement, which is capable of being enforced. Should you divorce in the future the Separation Deed can be converted into the format of a Consent Order, to be signed by both of you and filed at court for the approval of a judge once the Decree Nisi is pronounced.
There is always a slight risk that if either you or your spouse experience a significant change in circumstances after the Separation Deed is entered into, which could not be foreseen at the time the Deed was entered into, that the court could refuse to make an order in the terms of the deed, if it is considered unjust to do so. In the average case this is unlikely, however, you do need to appreciate that there is a slight risk. It is therefore worth noting that a Divorce and related Consent Order is the most final and secure way of dealing with matters if this is an option open to you. |
